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307 terms

Economics terms

Net domestic product (NDP) The market value of the goods and services produced by labor and property in the United States less the value of the fixed capital used up in production…
Net exports of goods and services Exports of goods and services minus imports of goods and services.
Net government saving The difference between government current receipts and government current expenditures, formerly called current surplus or deficit (-), national income…
Net gross receipts See Net gross receipts (NGR)
Net gross receipts (NGR) A statistic tabulated from the tax returns of sole proprietors and partnerships; used in the estimation of nonfarm proprietors' income by state and county.
Net lending or net borrowing, national income and product accounts An indirect measure of the net acquisition of foreign assets by U.S. residents less the net acquisition of U.S. assets by foreign residents.
Net national product See Net national product (NNP)
Net national product (NNP) The market value of goods and services produced by labor and property supplied by U.S.
Net operating surplus A profits-like measure that shows business income after subtracting the costs of compensation of employees (received), taxes on production and imports…
NGR See Net gross receipts (NGR)
NI See National income (NI)
NIPAs See National income and product accounts (NIPAs)
NNP See Net national product (NNP)
Nondurable goods Tangible products that can be stored or inventoried and that have an average life of less than three years.
Nonfactor charges Income from current production not accruing to labor or capital. Includes business current transfer payments (net), taxes on production and imports, and…
Nonresidential fixed investment Consists of purchases of both nonresidential structures and equipment and software.
Nonresidential structures Investment in nonresidential structures consists of new construction (including own-account production), improvements to existing structures, expenditures…
North American Industry Classification System See North American Industry Classification System (NAICS)
North American Industry Classification System (NAICS) A classification system developed jointly by the U.S., Canada, and Mexico to provide improved comparability in industrial statistics across North America.
Other current transfer payments to the rest of the world Payments consisting of U.S. government military and nonmilitary grants-in-cash and grants-in-kind to foreign governments.
Outward investment U.S. residents' investment abroad.
Overseas adjustment An adjustment made to the national estimates of personal income to exclude the wages and salaries and related components of the income of U.S.
Own-account production Production performed by a businesses or government for its own use.
Paasche See Paasche price index
Paasche price index A fixed-weighted price index that is computed as the sum of current-period quantities valued at current-period prices divided by the sum of current-period…
PCE See Personal consumption expenditures (PCE)
Person See Persons
Personal consumption expenditures See Personal consumption expenditures (PCE)
Personal consumption expenditures (PCE) The goods and services purchased by persons.
Personal current taxes Includes taxes paid by persons on income, including realized net capital gains, and on personal property.
Personal current transfer payments Payments consisting of transfer payments by persons to government and to the rest of the world.
Personal current transfer receipts Consists of income payments to persons for which no current services are performed and net insurance settlements.
Personal dividend income The dividend income received by persons.
Personal income Income received by persons from all sources. It includes income received from participation in production as well as from government and business transfer…
Personal income receipts on assets Personal interest income plus personal dividend income.
Personal interest income Interest income received by persons from all sources; includes both monetary and imputed interest.
Personal interest payments Non-mortage interest paid by persons.
Personal outlays The sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments.
Personal saving Personal income less the sum of personal outlays and personal current taxes.
Persons In the national income and product accounts (NIPAs), persons consist of individuals, nonprofit institutions that primarily serve individuals, private…
Preliminary estimate The second estimate of gross domestic product (GDP) and its components for a quarter.
Preliminary estimates See Preliminary estimate
Primary inputs Capital and labor inputs to production; the related costs include, for example, compensation, profits, and depreciation.
Primary producer The industry that is the main producer of a particular good or service. Typically, this industry shares the same name as the good or service.
Primary product The principal good or service produced by an industry, which is used to classify establishments in the Standard Industrial Classification System (SIC) or…
Private remittances Includes institutional and personal remittances between U.S. private residents and foreign residents.
Producers' prices Commodity transactions in the input-output (I-O) accounts are valued in producers' prices in order to show the relationship between the production of…
Profits from current production See Corporate profits with IVA and CCAdj
Proprietors' income Current-production income of sole proprietorships, partnerships, and tax-exempt cooperatives.
Recession In general usage, the word recession connotes a marked slippage in economic activity.
Reclassification An adjustment made to the input-output (I-O) accounts when there are two or more industries whose primary activity is the production of similar…
Redefinition An adjustment made to the input-output (I-O) accounts when a secondary product is assumed to have very different inputs than the other products of the…
Reinvested earnings See Reinvested earnings (direct investment)
Reinvested earnings (direct investment) A parent company's claim on the current-period undistributed after-tax earnings of its affiliates. Related terms: Direct investment capital flows.
Rental income of persons See Rental income of persons with capital consumption adjustment
Rental income of persons with capital consumption adjustment Earnings from the rental of real property by persons who are not primarily engaged in the real estate business.
Residential fixed investment Consists of purchases of private residential structures and residential equipment that is owned by landlords and rented to tenants.
Residential structures Investment in residential structures consists of new construction of permanent-site single-family and multi-family units, improvements (additions…
RIMS II multipliers Estimates of regional input-output multipliers for any state, county, or combination of states or counties.
Sales of services through foreign affiliates of multinational companies Services sold in international markets through the channel of direct investment. From the U.S.
SDR See Special drawing rights (SDR)
Secondary producer An industry that, in addition to producing its primary product, also produces other goods or services.
Secondary product Goods or services produced by an industry other than the primary product of that industry.
Service See Services
Services Products that cannot be stored and are consumed at the place and time of their purchase. Related terms: Durable goods, Nondurable goods, Structures.
SIC See Standard Industrial Classification (SIC)
SITC See Standard International Trade Classification (SITC)
Special drawing rights See Special drawing rights (SDR)
Special drawing rights (SDR) Reserve assets created by the International Monetary Fund (IMF) and periodically allocated to IMF members in proportion to their respective quotas.
Standard Industrial Classification See Standard Industrial Classification (SIC)
Standard Industrial Classification (SIC) A U.S. system for classifying economic activity; superceded by the North American Industry Classification System (NAICS).
Standard International Trade Classification See Standard International Trade Classification (SITC)
Standard International Trade Classification (SITC) An internationally recognized foreign trade data classification system. This system, which was developed by the United Nations, provides the commodity…
State personal income Income that is received by, or on behalf of, persons who live in the state. It is calculated as the sum of wage and salary disbursements, supplements to…
Statistical discrepancy The difference between gross domestic product (GDP) and gross domestic income (GDI).
Structures Products that are usually constructed at the location where they will be used and that typically have long economic lives.
Subsidies The monetary grants paid by government agencies to private business or to government enterprises at another level of government.
Subsidy See Subsidies
Supplements to wages and salaries Consists of employer contributions for employee pension and insurance funds and employer contributions for government social insurance.
Taxes from the rest of the world Includes some taxes on production and some current transfers. The source data do not permit the reliable separation of the taxes on income.
Taxes on production and imports Consists of Federal excise taxes and customs duties, state and local sales taxes, property taxes (including residential real estate taxes), motor vehicle…
Top-down model A projections model that is used to force lower-level geographical or industry projections to higher-level totals.
Total requirements table A set of tables in the input-output (I-O) accounts calculated from the make table and use table.
Total requirements tables See Total requirements table
U.S. affiliate A U.S. business enterprise in which there is foreign direct investment-that is, in which a single foreign person, or entity, owns or controls, directly or…
U.S. Affiliates See U.S. affiliate
U.S. direct investment abroad See U.S. direct investment abroad (USDIA)
U.S. direct investment abroad (USDIA) Ownership or control, directly or indirectly, by one U.S. person, or entity, of 10 percent or more of the voting securities of an incorporated foreign…
U.S. MNC See U.S. multinational company (MNC)
U.S. multinational company See U.S. multinational company (MNC)
U.S. multinational company (MNC) U.S. parent and its foreign affiliates. (Usually defined as the U.S. parent and its majority-owned foreign affiliate).
U.S. parent A person, or entity, resident in the United States, that owns or controls 10 percent or more of the voting securities of an incorporated foreign business…
U.S. parents See U.S. parent
U.S. resident See U.S. residents
U.S. residents Individuals, governments, business enterprises, and nonprofit organizations that have their center of economic interest in the United States and that…
UBO See Ultimate beneficial owner (UBO)
Ultimate beneficial owner See Ultimate beneficial owner (UBO)
Ultimate beneficial owner (UBO) The person, or entity, that ultimately owns or controls a U.S. affiliate of a foreign company and that derives the benefits associated with ownership or…
Undistributed profits The portion of corporate profits that remains after taxes and dividends have been paid.
Unilateral current transfers Recorded when transfers of resources that affect a nation's income or product in the current period occur without a quid pro quo; the country receiving…

Sources

Bureau of Economic Analysis Glossary 307 definitions